Modern Monetary Theory (MMT) is back in the spotlight, driven by a new film Finding the Money and a recent clip that went viral on Bitcoin Twitter and Fintwit. In the clip, Jared Bernstein, Chair of the Council of Economic Advisors to the US President, is seen not being able to describe the most basic concepts of government debt and money printing. He claims MMT is correct but some of the language and concepts (the most basic ones) are confusing to him. An absolutely shocking statement given his role.

In this post, I will outline several major flaws in MMT that perhaps you, dear reader, will be able to use to go forth and debunk MMT. The stakes are high, because MMT cultists are gaining positions of power in governments around the world, as exemplified by Mr. Bernstein. It is a very dangerous proposition to put these people in power, because they will rapidly destroy the currency and cause economic armageddon. As bitcoiners, we believe bitcoin will replace the credit-based dollar, but we want the transition to be natural and relatively uneventful. A collapse of a major currency without bitcoin being ready to take the reins, would be catastrophic for so many.